Good morning all -- When I logged on this morning I almost couldn't believe it! Rates PLUNGED late yesterday and this morning to the lowest I personally have ever seen:
4.375% Rate / 4.520% APR
Loan amount: $417,000
Down payment/equity: 20%
Loan Program: 30 Year Fixed
Rates are as of 12/17/08 and subject to change. This rate is for a 10-day lock.
TO ALL BACK SEAT RATE WATCHERS: Previous major improvements where rates dropped .5% in a very short period were extremely short-lived. If you are 'waiting for the bottom' this may very well be it and at the VERY LEAST I highly recommend completing the application process TODAY. The processing/underwriting capacity of the mortgage market is significantly reduced; to avoid being caught in the MAD RUSH that will follow on the heels of rates going up, the best advice I can give you is to apply now. You can always float the rate until you're ready to lock.
It's snowing! Happy Holidays everyone!
James Wirth
Wednesday, December 17, 2008
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